|
Sales comparison
approach |
The method of
evaluating a property's value by comparing it to actual sales
prices and values of comparable properties |
|
Sale-leaseback |
A transaction in
which a seller deeds property to a buyer for a consideration,
and the buyer simultaneously leases the property back to the
seller |
|
SBA |
Abbreviation for the
Small Business Administration |
|
Second mortgage,
or junior mortgage |
A mortgage whose
claim to repayment is of lesser priority than another,
previously recorded mortgage, usually or shorter term and
often at higher interest |
|
Secondary
market |
Agents or agencies
that buy mortgages from primary lenders, usually at discounted
prices, to sell to investors |
|
Section, or
Section of land |
A parcel of land
measuring one square mile or 640 acres |
|
Set Back
Lines |
The distance
designated by zoning regulations that is required between the
perimeter of a property and where structures can be
positioned |
|
Secured
loan |
A loan guaranteed by
collateral |
|
Security |
The property pledged
as collateral for a loan or mortgage |
|
Seller
take-back |
A contract whereby
the seller of a property provides financing, sometimes as part
of an assumable mortgage |
|
Severalty, or
Sole ownership |
Ownership of real
property by only one individual |
|
Special
assessment |
An additional tax
imposed by the government against specific parcels of real
estate that will benefit from a public improvement, such as a
street |
|
Special warranty
deed |
An agreement whereby
the current owner/seller guarantees he has done nothing that
would impair or cloud title, but does not make any guarantee
for what occurred prior to his ownership of the
property |
|
Specific
performance |
A legal action that
requires a party to honor the terms of a
contract |
|
Statute of
limitations |
The time period
allowed for the filing of a legal suit to enforce a claim,
after which any such claims are barred |
|
Step-rate
mortgage |
A loan that allows
for the interest rate to increase in increments according to a
designated schedule for a specified period of time, at the end
of which, the interest rate returns to a constant
percentage |
|
Subagent |
An individual or
party who is employed by someone already acting as an
agent |
|
Subdivision |
A tract of property
that is divided into streets and individual
lots |
|
Subject
to |
Taking ownership of
a property with a lien (legal claim or charge) against it, but
not assuming responsibility for the said lien, while the
holder who forecloses the lien can take the property, but may
not collect money from the owner who took "subject
to" |
|
Subsidized second
mortgage |
An alternative
financing option for low- and moderate-income households,
issued by a state or county housing foundation, agency or
nonprofit corporation, whereby the buyer can purchase a first
mortgage with a subsidized second mortgage behind it; payment
on the second mortgage is often deferred and carries a low or
no interest rate, and a portion of the mortgage may be
forgiven incrementally for each year the buyer resides in the
home |
|
Survey |
The process of
determining property areas, by measuring its dimensions, lot
lines and other physical features
Also, the map that
results from such measurements
taken |
